Total return: distributions reinvested. In USD, the currency of the share class shown. Fund history to 28.09.2026. Benchmark history to 28.09.2026. Past performance is not a reliable indicator of future results, and the value of investments can fall as well as rise.
Performance against the benchmark
1M
3M
6M
YTD
2025
2024
2023
1Y
3Y
5Y
Volatility
Sharpe R.
Max DD
FundISIN LU1035012456, currency USD, retail share class
1.46
1.76
6.78
9.95
10.73
8.02
5.09
14.90
10.29
5.39
5.22
1.03
-2.66
BenchmarkUSD 3-month deposit + 4%
0.65
1.94
3.92
5.22
8.59
9.60
9.42
8.09
8.91
8.00
–
–
–
Differencefund minus benchmark, in percentage points
0.81
-0.18
2.86
4.73
2.14
-1.58
-4.33
6.81
1.38
-2.61
–
–
–
Within the list: OpenList — Alternatives
Compared with the alternative funds on OpenList — Alternatives (25 funds), each in the share class and currency its list shows. Returns are in each share class's own currency and are not converted.
This fund
Group median
Position
Return 1Y
14.90
9.40
6 of 25
Return 3Y p.a.
10.29
11.35
14 of 25
3Y p.a. over its own benchmark
1.38
2.46
16 of 25
Volatility 3Y
5.22
5.42
11 of 25
Sharpe ratio 3Y
1.03
1.34
19 of 25
Max drawdown 3Y
-2.66
-3.40
8 of 25
Management fee
0.45%
1.01%
3 of 23 (2 without a value)
Position 1 is the highest value, except for volatility and the management fee, where 1 is the lowest; for max drawdown, 1 is the smallest fall.
Return against risk, 3 years
WSP commentary
Draft commentary, machine-generated from the fund's monthly factsheet dated 31.08.2026; key information document (PRIIPs), not yet reviewed by WSP.
Investment rationale
BCV Liquid Alternative Beta B (USD) is an alternative UCITS sub-fund designed to reproduce the risk/return profile of a diversified portfolio of alternative funds while offering daily liquidity. Its risk indicator is 3 on a 1 to 7 scale, and the key information document states a recommended holding period of 5 years, while the target retail investor description refers to an investment horizon above 3 years. The fund is aimed at investors seeking returns close to a diversified alternative fund allocation through a quantitative, liquid implementation across major asset classes, including long and short exposures. Access to this B share class is restricted to investors meeting specific eligibility criteria, including a minimum subscription and holding of CHF 5 million or equivalent, certain mandate-based investors, collective investment schemes, and certain Ethos-related investors.
Investment strategy
The stated objective is to reproduce the risk/return profile of an investment in a diversified portfolio of alternative funds. The fund invests globally, including emerging markets, across equities including US large cap, US small cap, Europe, Japan and emerging markets, government and corporate bonds including investment grade and high yield, interest rates, money market instruments, commodities and currencies; implementation is mainly through derivatives, especially standardised futures and total return swaps, and may also include funds and swaps as well as direct or indirect positions. More than 50% of net assets are invested in money market instruments, short-term debt securities or bonds with residual life of up to 3 years, monetary UCITS/other UCIs, short-term bond UCITS/other UCIs and/or term deposits; up to 20% of net assets may be held in sight deposits for treasury needs, and investment in UCITS/other UCIs is capped at 10% of net assets. Positions may be long or short, derivatives may be used for hedging and efficient portfolio management, the fund is actively managed without constraint to its benchmark, and the named benchmark is the HFRX Global Hedge Fund Index. The share class is denominated in USD, is a capitalisation class with no income distribution, offers daily dealing, and the key information document states a recommended holding period of 5 years.
Investment philosophy
• The fund uses a quantitative management style, and the key information document describes the investment process as model-based using a factor regression method to reproduce the risk/return profile of diversified alternative funds.
• Its investment universe spans global asset classes, including emerging markets, with exposure to equities, government and corporate bonds, interest rates, money market instruments, commodities and currencies; equity exposure includes US large caps, US small caps, Europe, Japan and emerging markets.
• Portfolio implementation is mainly through indirect, highly liquid instruments, particularly standardised futures and total return swaps, while funds, swaps and other direct or indirect positions are also permitted; positions can be either long or short.
• The fund maintains a strong liquidity and short-duration bias in its asset allocation rules: over 50% of net assets must be in money market instruments, short-term debt or bond instruments with residual maturity of three years or less, short-term bond or monetary UCITS/other UCIs, and/or term deposits; sight deposits may reach 20% for treasury management.
• Investment in UCITS/other UCIs is limited to 10% of net assets, derivatives may also be used for hedging and efficient portfolio management, and the latest exposure data show the largest listed exposure in US government bonds, followed by US large-cap equities and European government bonds, alongside currency exposure to EUR and JPY and a short position in US high yield bonds.
Management team
The portfolio managers named for the fund are Philippe Pillonel and Maxime Borel. The marketing sheet attributes the document to BCV Asset Management, indicating the fund is managed within that platform.
The asset manager
The fund is a sub-fund of BCV FUND (LUX), a Luxembourg-domiciled FCP. The management company named in the key information document is GERIFONDS (Luxembourg) SA, Luxembourg, described as a subsidiary of Banque Cantonale Vaudoise (BCV), and authorised in Luxembourg as a management company and alternative investment fund manager regulated by the CSSF. The marketing sheet is issued by BCV Asset Management, with offices listed in Lausanne and Zurich. The documents also name Banque et Caisse d'Epargne de l'Etat, Luxembourg as depositary.
Strengths
The fund is distinguished by its aim of replicating the risk/return profile of a diversified alternative fund portfolio through a liquid UCITS format with daily dealing. Its approach is explicitly quantitative and factor-based, using mainly futures and total return swaps to access a broad multi-asset opportunity set across global equities, bonds, commodities and currencies, with both long and short positioning. The portfolio rules also require more than half of net assets to remain in money market, short-term debt, short-term bond funds or term deposits, which is a specific structural feature of the strategy.
Risks
The fund is classified in risk class 3 out of 7 in the key information document, and the marketing sheet shows the synthetic risk indicator on the same 1 to 7 scale. The documents state that the fund is exposed to the main asset classes globally, including emerging markets, and that market and credit risks are reflected in the indicator. They also specifically name currency risk, liquidity risk, counterparty risk, operational risk and risks linked to derivatives as relevant risks, with currency risk not captured by the synthetic indicator. The use of futures, total return swaps and other derivatives, the ability to take long and short positions, and the possibility of investing in high yield bonds and emerging markets are structural sources of risk. The fund does not provide capital protection, so investors may lose part or all of their investment.
WSP report
Ask WSP which research is available for this fund and what it covers.
Performance: in %, in the currency of the share class shown. 3Y and 5Y are annualised. Volatility and Sharpe ratio are over three years; Max DD is the largest fall over three years. Benchmark: each fund is measured against the index its own documents name. Where WSP measures a fund against a comparator of its own instead, the row names it: a tracker or a blend of the markets the fund invests in, or a cash-plus hurdle – means not applicable. "Not available in this publication" means no value is shown here; it does not mean zero. Period figures as of 31.08.2026.
This page is advertising within the meaning of the Swiss Financial Services Act. It is not an offer, a recommendation or investment advice. The prospectus and key information document for any fund shown may be obtained free of charge from its management company or Swiss representative
WSP commentary
Draft commentary, machine-generated from the fund's monthly factsheet dated 31.08.2026; key information document (PRIIPs), not yet reviewed by WSP.
Investment rationale
BCV Liquid Alternative Beta B (USD) is an alternative UCITS sub-fund designed to reproduce the risk/return profile of a diversified portfolio of alternative funds while offering daily liquidity. Its risk indicator is 3 on a 1 to 7 scale, and the key information document states a recommended holding period of 5 years, while the target retail investor description refers to an investment horizon above 3 years. The fund is aimed at investors seeking returns close to a diversified alternative fund allocation through a quantitative, liquid implementation across major asset classes, including long and short exposures. Access to this B share class is restricted to investors meeting specific eligibility criteria, including a minimum subscription and holding of CHF 5 million or equivalent, certain mandate-based investors, collective investment schemes, and certain Ethos-related investors.
Investment strategy
The stated objective is to reproduce the risk/return profile of an investment in a diversified portfolio of alternative funds. The fund invests globally, including emerging markets, across equities including US large cap, US small cap, Europe, Japan and emerging markets, government and corporate bonds including investment grade and high yield, interest rates, money market instruments, commodities and currencies; implementation is mainly through derivatives, especially standardised futures and total return swaps, and may also include funds and swaps as well as direct or indirect positions. More than 50% of net assets are invested in money market instruments, short-term debt securities or bonds with residual life of up to 3 years, monetary UCITS/other UCIs, short-term bond UCITS/other UCIs and/or term deposits; up to 20% of net assets may be held in sight deposits for treasury needs, and investment in UCITS/other UCIs is capped at 10% of net assets. Positions may be long or short, derivatives may be used for hedging and efficient portfolio management, the fund is actively managed without constraint to its benchmark, and the named benchmark is the HFRX Global Hedge Fund Index. The share class is denominated in USD, is a capitalisation class with no income distribution, offers daily dealing, and the key information document states a recommended holding period of 5 years.
Investment philosophy
• The fund uses a quantitative management style, and the key information document describes the investment process as model-based using a factor regression method to reproduce the risk/return profile of diversified alternative funds.
• Its investment universe spans global asset classes, including emerging markets, with exposure to equities, government and corporate bonds, interest rates, money market instruments, commodities and currencies; equity exposure includes US large caps, US small caps, Europe, Japan and emerging markets.
• Portfolio implementation is mainly through indirect, highly liquid instruments, particularly standardised futures and total return swaps, while funds, swaps and other direct or indirect positions are also permitted; positions can be either long or short.
• The fund maintains a strong liquidity and short-duration bias in its asset allocation rules: over 50% of net assets must be in money market instruments, short-term debt or bond instruments with residual maturity of three years or less, short-term bond or monetary UCITS/other UCIs, and/or term deposits; sight deposits may reach 20% for treasury management.
• Investment in UCITS/other UCIs is limited to 10% of net assets, derivatives may also be used for hedging and efficient portfolio management, and the latest exposure data show the largest listed exposure in US government bonds, followed by US large-cap equities and European government bonds, alongside currency exposure to EUR and JPY and a short position in US high yield bonds.
Management team
The portfolio managers named for the fund are Philippe Pillonel and Maxime Borel. The marketing sheet attributes the document to BCV Asset Management, indicating the fund is managed within that platform.
The asset manager
The fund is a sub-fund of BCV FUND (LUX), a Luxembourg-domiciled FCP. The management company named in the key information document is GERIFONDS (Luxembourg) SA, Luxembourg, described as a subsidiary of Banque Cantonale Vaudoise (BCV), and authorised in Luxembourg as a management company and alternative investment fund manager regulated by the CSSF. The marketing sheet is issued by BCV Asset Management, with offices listed in Lausanne and Zurich. The documents also name Banque et Caisse d'Epargne de l'Etat, Luxembourg as depositary.
Strengths
The fund is distinguished by its aim of replicating the risk/return profile of a diversified alternative fund portfolio through a liquid UCITS format with daily dealing. Its approach is explicitly quantitative and factor-based, using mainly futures and total return swaps to access a broad multi-asset opportunity set across global equities, bonds, commodities and currencies, with both long and short positioning. The portfolio rules also require more than half of net assets to remain in money market, short-term debt, short-term bond funds or term deposits, which is a specific structural feature of the strategy.
Risks
The fund is classified in risk class 3 out of 7 in the key information document, and the marketing sheet shows the synthetic risk indicator on the same 1 to 7 scale. The documents state that the fund is exposed to the main asset classes globally, including emerging markets, and that market and credit risks are reflected in the indicator. They also specifically name currency risk, liquidity risk, counterparty risk, operational risk and risks linked to derivatives as relevant risks, with currency risk not captured by the synthetic indicator. The use of futures, total return swaps and other derivatives, the ability to take long and short positions, and the possibility of investing in high yield bonds and emerging markets are structural sources of risk. The fund does not provide capital protection, so investors may lose part or all of their investment.